Marpai Introduces Provider Price Transparency Tool for Health Plan Members

Rhea-AI Summary

Marpai, Inc. (Nasdaq: MRAI) has launched the myMarpai Medical Shopping Tool, designed to enhance price transparency for members of self-funded employer health plans. This tool provides upfront medical service pricing, promoting informed healthcare decisions and compliance with the Transparency in Coverage Rule and No Surprises Act. By integrating behavioral economics with technology, it facilitates comparisons on price, quality, and convenience, aiming to lower costs for employers.

Positive

• Launch of myMarpai Medical Shopping Tool improves price transparency for healthcare services.
• Tool enhances consumer choice and empowers health plan members to make cost-effective healthcare decisions.
• Supports compliance with key regulations like the Transparency in Coverage Rule and No Surprises Act.

Negative

• None.

The new myMarpai Medical Shopping Tool protects health plan members from overpaying for care by showing provider medical service pricing before care is delivered.

NEW YORK--(BUSINESS WIRE)-- Marpai, Inc. (“Marpai” or the “Company”) (Nasdaq: MRAI), the AI-technology company transforming self-funded employer health plans, introduces the myMarpai Medical Shopping Tool, which displays medical services pricing charged by healthcare providers connected to the employer’s health plan. All employer health plans are now legally required to disclose provider pricing to be compliant with the requirements of the Transparency in Coverage Rule and The No Surprises Act legislation, which is designed to protect people from surprise medical bills. The myMarpai Medical Shopping Tool is powered by TALON, a healthcare technology company delivering innovative solutions that ensure both compliance with transparency mandates and long-term success in a participant-driven healthcare ecosystem.

“Giving our health plan members the power to see how much a service costs before they receive medical care is a turning point in this country. With this tool, it’s easy to see provider prices, compare prices between providers in a market, and identify savings opportunities on demand. Informed by price and convenience upfront, we believe people will make better choices and become smart consumers of healthcare,” says Marpai CEO and co-founder, Edmundo Gonzalez.

The myMarpai Medical Shopping Tool blends behavioral economics, benefits expertise, and an unrivaled technology platform to solve all price transparency needs for every user in the benefits ecosystem, without disruption or distraction. Both a mobile and web-based app, the intuitive digital tool provides immediate access to three critical shopping comparisons—price, quality, and convenience—making it easy for members to make, smart economical decisions about their own healthcare.

“We are delighted to work with Marpai given their technology leadership in self-funded health plan administration. Our shared commitment to empowering health members with data and technology will enable better choices for health plan members,” says Mark Galvin, Co-Founder, President, and CEO of TALON.

The myMarpai Medical Shopping Tool is now available for all employer health plans administered by Marpai. For more information, visit www.marpaihealth.com.

About Marpai, Inc.

Marpai, Inc. (Nasdaq: MRAI) is an AI-powered technology company creating better health plans with lower costs for employers that directly pay for employee health benefits (self-funded employer health plans). Marpai primarily competes in the $22 billion TPA (Third Party Administrator) sector serving self-funded health plans representing over $1 trillion in annual claims. The company commits to delivering the healthiest member population with the greatest cost efficiency for any health plan budget. In addition to standard TPA services, including access to the Aetna and Cigna provider networks, Marpai delivers exclusive services that help health plan members access high quality care, stay on track with annual care, act early and steer clear of inappropriate, overpriced, and excessive care and medications.

For more information, visit www.marpaihealth.com.

About TALON

TALON’s mission is to educate, empower, and incentivize the American healthcare consumer to meaningfully reduce costs and create a healthier ecosystem. TALON products are designed to fulfill the requirements of the Transparency in Coverage Rule and No Surprises Act. TALON protects healthcare stakeholders from overpaying for care while integrating into the Payer’s existing architecture. Learn more at talonhealthtech.com.

Forward-Looking Statement Disclaimer

This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties, including statements regarding revenues, employee lives and cash. Forward-looking statements can be identified through the use of words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "guidance," "may," "can," "could", "will", "potential", "should," "goal" and variations of these words or similar expressions. For example, the Company is using forward looking statements when it discusses the expected benefits and advantages of myMarpai Medical Shopping Tool and Marpai’s and TALON’s shared commitment to empowering health members with data and technology will enable better choices for health plan members. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Marpai's current expectations and speak only as of the date of this release. Actual results may differ materially from Marpai's current expectations depending upon a number of factors. These factors include, among others, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business. Except as required by law, Marpai does not undertake any responsibility to revise or update any forward-looking statements whether as a result of new information, future events or otherwise. More detailed information about Marpai and the risk factors that may affect the realization of forward-looking statements is set forth in Marpai's filings with the Securities and Exchange Commission (SEC). Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230222005914/en/

Media:

Danielle Belding-Smith for Marpai

dbsmith@marpaihealth.com

(704) 562-8953

Investor Relations:

Simon Li

simonli@marpaihealth.com

(813) 822-3950

Source: Marpai, Inc.

FAQ

What is the myMarpai Medical Shopping Tool launched by Marpai (MRAI)?

The myMarpai Medical Shopping Tool is a new digital tool that provides health plan members with upfront pricing for medical services, enabling informed healthcare decisions.

How does the myMarpai Medical Shopping Tool benefit Marpai (MRAI) users?

It allows users to compare prices, quality, and convenience of medical services, promoting smarter healthcare choices and potentially reducing costs.

When was the myMarpai Medical Shopping Tool announced by Marpai (MRAI)?

The myMarpai Medical Shopping Tool was announced in a press release dated February 22, 2023.

What regulations does the myMarpai Medical Shopping Tool comply with?

The tool complies with the Transparency in Coverage Rule and the No Surprises Act, designed to protect consumers from unexpected medical bills.

How does Marpai (MRAI) aim to empower health plan members?

Marpai aims to empower health plan members by providing them with necessary pricing information and tools to make informed choices about their healthcare.